the problems with the fiscal cliff is that as businesses anticipate the possibility that that recession will happen, they're cutting back now. they're not hiring, they are not expanding. they are waiting. this will continue right through the end of the year. "you talk about business is not hiring, unemployment is the key indicator and bernanke expects unemployment to remain above 7% until the end of 2014. >> the challenge for obama is to argue that abs and his policies, it would have been worse. also, to make this not about his economic record, which is not much to be proud of, but the lack of the qualification of his opponent, mitt romney. >> in europe, they are talking about contagion. that is spreading from ear to the rest of the world. >> is certainly has. that is the other factor that chairman bernanke says is weighing on confidence in the u.s.. the possibility that the eurozone to collapse. -- that the eurozone could collapse. >> we are looking for any signs of green shoots of recovery. we thank you very much for joining us. you are watching "bbc world news america," still to come